LOS ANGELES—September 24, 2007—Developer CIM Group and Los Angeles City Councilman Herb Wesson were joined by business, community and government leaders today at a ceremonial groundbreaking for phase two of Midtown Crossing, a 330,000-square-foot urban retail development in central Los Angeles. Phase two will include a 144,000-square-foot Lowe's Home Improvement store along with additional retailers and restaurants.
"The groundbreaking for the second phase of this large project marks an historic moment for the region. Midtown Crossing is in the center of Los Angeles and is designed to serve the area's large and diverse population as well as attract additional retail to the area, which has been overlooked for decades," said Philip Friedl, vice president investment & development, CIM Group.
Set on 12 acres at the corner of San Vicente Blvd. and Pico Blvd., Midtown Crossing is an innovative design that combines major retailers such as Lowe's Home Improvement with a diverse group of smaller retailers and restaurants along with a new bus transit terminal. Located along the Pico Blvd., or north side of the property, Lowe's Home Improvement will include a 17,200-square-foot garden center in addition to a substantial stock of building products, fixtures and appliances that currently are not available to local shoppers.
"This project represents a successful collaboration between the CRA, the CIM Group, the community, and my office; all of whom worked hard to make this project a reality," said Los Angeles City Councilman Herb Wesson. "This is just the beginning. Working together, we can build on this achievement and open
many more new doors of opportunity in our community."
The $145 million Midtown Crossing development is an interesting stacked design that takes advantage of the different elevations on the site. The upper level will bring a broad spectrum of retailers and restaurants in 166,000 square feet of space. A modern MTA bus terminal has been built into the site at the corner of Pico and San Vicente with 11 berths and 17,000 square feet of street front retail that includes a Panda Express, Footlocker, Wells Fargo, Cingular and Starbucks, which opened in November 2006. Combined surface and structured parking will provide approximately 1,100 spaces. Phase two construction is expected to be complete in the first quarter of 2009.
About CIM Group
Founded in 1994, CIM Group is a full-service private equity real estate investor. The company applies its multidisciplinary expertise in the areas of investment and development, mezzanine financing, fund management, commercial leasing and property management. CIM has successfully identified and invested in some of the most vibrant transitional urban districts in North America based on its integrated approach to investing that utilizes its broad based in-house capabilities and deep market knowledge.
CIM specializes in high-density urban communities, bringing its extensive real estate experience to a diverse array of asset categories including mixed-use, office, retail, hotel, entertainment and multifamily. Headquartered in Los Angeles, CIM maintains regional offices in San Francisco and Bethesda, Maryland. More information on CIM can be found at www.cimgroup.com.